TORONTO--(BUSINESS WIRE)--Slate Retail REIT (TSX: SRT.U) (TSX: SRT.UN) (the "REIT"), an owner and operator of U.S. grocery-anchored real estate, announced today the completion of the acquisition of seven grocery-anchored assets (the “Portfolio”) for US$90.0 million (US$144 per square foot). This transaction was initially announced on March 10, 2020 for a purchase price of US$106.5 million. It was subsequently announced on April 9, 2020 that the deal was unlikely to proceed, but the agreement of purchase and sale was amended and reinstated and the transaction has now been completed.
“This acquisition is immediately accretive to FFO and AFFO per unit and serves to upgrade the quality of our portfolio,” said David Dunn, Chief Executive Officer of Slate Retail REIT. “Our disciplined acquisition approach has enabled us to acquire the Portfolio on an opportunistic basis at an attractive US$144 per square foot, which is well below replacement cost.”
The following is a summary of the Portfolio:
Property |
Metropolitan Statistical Area |
Anchor |
Square Feet |
Alexander Pointe |
Charlotte, NC |
Harris Teeter |
57,710 |
Bermuda Crossroads |
Richmond, VA |
Food Lion |
122,566 |
Gainsborough Square |
Virginia Beach – Norfolk – Newport News, VA |
Food Lion |
88,862 |
Harper Hill Commons |
Winston – Salem, NC |
Harris Teeter |
96,914 |
Indian Lakes Crossing |
Virginia Beach – Norfolk – Newport News, VA |
Harris Teeter |
64,973 |
Renaissance Square |
Charlotte, NC |
Harris Teeter |
80,467 |
Stone House Square |
Washington – Baltimore, MD |
Weis Markets |
112,274 |
Total |
|
623,766 |
|
About Slate Retail REIT (TSX: SRT.U / SRT.UN)
Slate Retail REIT is a real estate investment trust focused on U.S. grocery-anchored real estate. The REIT owns and operates approximately US$1.2 billion of assets located across the top 50 U.S. metro markets that are visited regularly by consumers for their everyday needs. The REIT’s diversified portfolio and quality tenant covenants provide a strong basis to continue to grow unitholder distributions and the flexibility to capitalize on opportunities that drive value appreciation. Visit slateretailreit.com to learn more about the REIT.
About Slate Asset Management
Slate Asset Management is a leading real estate focused alternative investment platform with approximately $6.5 billion in assets under management. Slate is a value-oriented manager and a significant sponsor of all of its private and publicly traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm's careful and selective investment approach creates long-term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a demonstrated ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
Forward-Looking Statements
Certain information herein constitutes “forward-looking information” as defined under Canadian securities laws which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. The words “plans”, “expects”, “does not expect”, “scheduled”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “projects”, “believes”, or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “occur”, “be achieved”, or “continue” and similar expressions identify forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.
Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. Additional information about risks and uncertainties is contained in the filings of the REIT with securities regulators.
